The NASDAQ100 is breaking out

10 nov 2023

The NASDAQ100 is breaking higher to end the week near the highs. The fact that it is breaking channel resistance should allow for a retest of the descending trend line from the all time highs. That comes in at a confluence of the 127% extension of the most recent drop, and also the 161% extension of the August 2022 to October 2022 drop as well. But let's not ignore that this is a very large bull flag pattern which pivoted perfectly off the 200dma.  In theory, this technical bull flag pattern has a lot (and I am talking A LOT) higher to go to reach targets. Well, let's not focus on that and just take one bullish step at a time!